Dogecoin is back in the spotlight and yes, it’s because of Musk again.
The popular memecoin surged more than 6% on Wednesday, trading at $0.2036, after Elon Musk publicly apologized for his fiery online feud with U.S. President Donald Trump.
What started as a political argument spiraled into a full-blown clash between two of the world’s most powerful figures – and now, it’s ending with Musk (seemingly) backing down. The result was a rally in DOGE, renewed market interest, and some serious questions about what this public rift means for Musk’s influence and business future.
“I regret some of my posts about President Donald Trump last week. They went too far,” Musk posted on X.
That one line was enough and traders wasted no time responding.
Dogecoin’s price spiked as Musk made peace, with trading volume rising 24% to hit $1.61 billion. The memecoin, often seen as a reflection of Musk’s public mood, caught a clear wave of renewed retail interest.
Technically, DOGE is showing strong short-term momentum. The RSI on the 2-hour chart is near 70 – approaching overbought territory – while the 30-minute chart pushed the RSI even higher to 74. The MACD shows a bullish crossover, and widening Bollinger Bands suggest increasing volatility.
DOGE is currently testing resistance at $0.205. If it breaks above that level, a move toward $0.22 could be next. Support is holding steady at $0.1983.
The drama kicked off when Musk slammed Trump’s “One Big Beautiful Bill,” calling it “a disgusting abomination.” Trump responded with sharp criticism of Musk’s loyalty. What followed was a messy exchange that played out across social media, dragging in everything from SpaceX contracts to Epstein conspiracy theories. And it got nasty, as one would imagine.
At one point, Musk even posted an old video of Trump with Epstein. Trump, in turn, threatened to revoke government contracts tied to Musk’s companies. Musk responded by suggesting he’d pull SpaceX’s Dragon spacecraft.
The headlines wrote themselves. Late-night TV picked it up, Steve Bannon called for Musk’s deportation, and the world watched the most unexpected political feuds of the year play out.
Behind the scenes, Musk may have more to lose. Trump had promised Musk-led companies $3 billion in contracts from 17 federal agencies in 2023. That future now looks uncertain.
Even before Trump returned to office, 11 agencies were already investigating or suing Musk’s companies. If the President follows through on his threats, the regulatory pressure could return fast. Meanwhile, rivals like Bill Gates are reportedly stepping in to reverse Musk-era policies and push for their own agendas in Washington.
This public fallout comes just after Musk stepped down from his role as head of DOGE, a position tied to Trump’s administration. Though Musk claimed the agency saved $180 billion, it fell short of his original $2 trillion savings target. Controversies around deep government cuts, cabinet clashes, and Musk’s growing unpopularity only added to the tension.
And with Tesla’s global sales reportedly falling and the brand facing reputational damage, this may be one of Musk’s most costly political lessons yet.
The feud may have cooled, but its impact – on Dogecoin, Musk’s empire, and U.S. politics – is certainly far from over.
Musk’s apology caused a short-term DOGE price surge, but its long-term stability is uncertain. Its price often reacts to Musk’s public actions, highlighting its dependence on his influence.
The feud could jeopardize billions in federal contracts for Musk’s companies like SpaceX and Tesla, and potentially increase regulatory scrutiny from various government agencies.
Yes, Trump’s threats to revoke government contracts could directly impact Musk’s companies, making future federal dealings uncertain and creating significant business risk.
The public feud and Musk’s apology, coupled with reports of falling sales and controversies, could negatively affect his public image and diminish trust in his leadership, especially outside the tech community.
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